RWE Dea signs offshore concession deal with Egypt and Dove Energy

Thursday, 19 December 2013 07:00

RWE Dea has plans to acquire a 3D seismic survey and drill one exploration well during the first three-year exploration period. (Image source: Icethorn/Wikimedia Commons)RWE Dea has announced that it has signed an agreement with the Eqyptian government and Dove Energy for the offshore East Ras Budran concession

The concession, with an area of approximately 45 sq km, is located offshore the Gulf of Suez.

RWE Dea will operate the concession with an 80 per cent share, while Dove Energy will holding the remaining 20 per cent interest.

Maximilian Fellner, general manager of RWE Dea Egypt, said, “We are delighted to have signed this new concession agreement in Egypt, especially in the Gulf of Suez where RWE Dea has several decades of experience in oil exploration, development and production.”

According to company sources, RWE Dea has plans to acquire a 3D seismic survey and drill one exploration well during the first three-year exploration period. Exploration activities are expected to target the Cretaceous sandstones play that RWE Dea successfully drilled in the adjacent Ras Budran oilfield in the past.

In recent years, the Germany-based oil and gas firm has made a number of large gas discoveries in the North African country and extended its portfolio substantially by acquiring additional concessions. RWE Dea is also currently engaged in 10 onshore and offshore concessions in Egypt with a total area of about 6,500 sq km, sources said.